MYDA Advisors LLC trimmed its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) by 53.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 265,000 shares of the company’s stock after selling 305,000 shares during the quarter. Arcutis Biotherapeutics makes up 1.5% of MYDA Advisors LLC’s investment portfolio, making the stock its 14th largest position. MYDA Advisors LLC’s holdings in Arcutis Biotherapeutics were worth $7,696,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. lifted its holdings in Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after purchasing an additional 833 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $35,000. EverSource Wealth Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after buying an additional 698 shares during the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $30,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Arcutis Biotherapeutics by 28.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company’s stock valued at $173,000 after buying an additional 1,316 shares during the last quarter.
Insider Activity
In related news, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the sale, the chief financial officer directly owned 86,413 shares in the company, valued at approximately $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Masaru Matsuda sold 8,256 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.31, for a total transaction of $192,447.36. Following the sale, the insider owned 126,689 shares of the company’s stock, valued at approximately $2,953,120.59. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 31,254 shares of company stock valued at $732,019 in the last ninety days. 9.40% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
View Our Latest Stock Analysis on ARQT
Arcutis Biotherapeutics Price Performance
Shares of NASDAQ ARQT opened at $24.38 on Monday. The firm has a 50-day simple moving average of $22.55 and a 200-day simple moving average of $25.26. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -812.40 and a beta of 1.52. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 52 week low of $12.72 and a 52 week high of $31.77.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.68 million. On average, equities analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.
About Arcutis Biotherapeutics
Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.
In August 2022, Arcutis received U.S.
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